DENVER, CO, Sept. 26, 2012 /CNW/ - Resource Capital Fund V L.P. ("RCF"),
Terrafirma Securities Holdings LL.C. and Skye Alba Pty Ltd, (together
the "Concerned Shareholders") today expressed concern regarding the
announcement from Forbes Coal & Manhattan ("the Company") to enter into
a definitive agreement to acquire 100% ownership of the shares and
shareholder claims of Riversdale Mining Limited in Riversdale Holdings
(Proprietary) Limited from Rio Tinto.
"We consider it inappropriate that the company has been committed to a
transaction by a Board that does not have the majority support of its
shareholders," said Mason Hillis, Partner, RCF, on behalf of the
Concerned Shareholders. "We feel that the timing of this decision
validates our concerns that the Board is not independently and
transparently operating to the benefit of the Company's shareholders."
The transaction comes as the Concerned Shareholders recently sought and
secured overwhelming shareholder support to strengthen the corporate
governance standards at Forbes Coal for the benefit of shareholders,
through the appointment of a slate of directors that reduces the
influence of any one shareholder.
Cautionary Note Regarding Forward Looking Statements
Certain statements contained herein are "forward looking statements"
within the meaning of applicable securities laws. Often, but not
always, forward-looking statements may be identified by their use of
forward-looking terminology such as the words "plans", "expects",
"expected", "projects", "believes", "anticipates", "intends",
"estimates", "scheduled" or other similar words and phrases or
statements that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements are not based on historical facts, but
rather on current expectations and projections about future events, and
are therefore subject to known and unknown risks, uncertainties and
other factors which could cause actual results, performances or
achievements to differ materially from future results expressed or
implied by such forward looking statements. Factors related to such
risks and uncertainties, and underlying estimates and assumptions
include, among others, the Concerned Shareholders' assessment of the
effect of the proposed changes on the Company and on the shareholders
of the Company, the timing and prospects for the implementation
thereof, general economic and market conditions, changes in law and the
ability to implement business strategies and pursue business
opportunities. Shareholders are cautioned that all forward-looking
statements involve risks and uncertainties, including those risks and
uncertainties detailed in the Company's filings with applicable
Canadian securities commissions, copies of which are available at www.sedar.com. Accordingly, undue reliance should not be placed on forward looking
statements or information. We do not expect to update forward-looking
statements or information continually as conditions change, except as
may be required by law.
SOURCE: Resource Capital Fund V L.P.
For further information:
RCF Contact: Mason Hills, Partner, +1 720 946 1444